What to know when you’re insuring a home décor store

Choice and selection matter. People visit your home décor retail because they know you shop the market to find products that they want to put in their homes. They trust your understanding of current and upcoming trends as well as your instincts for good design.

Much like your knowledge of the interior design industry, the experienced brokers at ALIGNED know the Canadian insurance marketplace. When it comes to finding insurance companies in Canada that deliver the products and services you need, we’re here to help.

All of this of course revolves around your store staying in business no matter what unforeseen forces come your way. That’s why insurance for home décor stores in Canada is a must-have.

What types of coverage does a typical home décor store need?

The basics are important. When you are googling “business insurance Canada” you’re likely looking to renew or buy coverage from insurance companies in Canada. But you may not know precisely what you need or want to buy when it comes to commercial coverage.

We can help. The starting point for any retail store are the key coverages needed for your home décor business operations. Every retailer, regardless if they are Main Street, online or a combination of both, faces specific risks. That’s why you need coverage that will precisely fit the exposures you face. Here are some of that key coverages most needed by Canadian home décor and interior design stores.

Commercial insurance Canada | 2 key types to keep in mind…

Commercial General Liability insurance provides liability coverage that every retail store needs. This type of insurance provides coverage for bodily harm that happens on your stores premises.

For example, if someone trips over the doorstep to your retail store, you want to make sure your insurance covers any legal costs that could come from that incident. General liability insurance protects your business from costs associated with circumstances that may or may not be in your control.

You can work hard to clean up spills and avoid tripping hazards. Sometimes even your best efforts are not enough to prevent an injury and this is why general liability insurance is necessary.

Meanwhile, Product Liability insurance protects you against malfunction or defect of a product. In the event that a customer uses your product and is injured because a screw is missing, you want to be protected. This is another circumstance where even hard work towards health and safety is sometimes not enough to cover potential risks.

Don’t forget property and crime coverage!

Worst case scenarios happen. Commercial insurance is designed to respond to that. If a fire, extreme weather, flooding, sewer back-up or related situation occurs at your retail store, you want to be protected. This is the purpose of Property insurance. Damage to your store or your products can happen. Either way, you can rest easy knowing your business doesn’t need to be stalled by storm damage.

As a retailer, theft is always on your mind. To recoup losses that occurred through criminal activity, get crime insurance. This means that if an employee steal a product or cash from the register, your insurance can cover those losses. Crime insurance is also a way of protecting your business from customer crimes like fraud.

Crime coverage can be especially important given the amount of online sales you may be processing. While fraud can happen in-store with counterfeit money, these days credit card fraud is more likely than ever before. You need to be able to count on your insurance to cover you for credit card fraud and other crimes that can hurt your profits.

Count on ALIGNED experts to search insurance companies in Canada and deliver options

When you run a business, every moment counts. Anything that takes you away from serving the needs of your customers can cost you time and money.

When you are searching for insurance companies in Canada to insure your home décor store, you will find many options. You could fill out endless quote request forms with every insurance company that offers retail store insurance. That process would be both tedious and time consuming. Instead, you can start the process of getting an insurance quote for your home décor store now by answering just a few questions online.

You can also contact us and one of our Canadian insurance brokers will search through multiple insurance companies and options to find the policy that best fits your business. If you want quotes for your liability, property, and crime insurance, we can help find best pricing as well as coverage options from insurance companies in Canada.

Why is customization so important for home décor retailers?

Specific clients seek out your store for specific products. It’s store is different than any other store. And even stores within the same national brand umbrella may need different coverage based on their geographic location.

For instance, let’s say your retail store in located in or near a city that is at higher risk of weather related events. You might be more comfortable with having more coverage under your property insurance for weather damage.

You also need customized insurance to account for your specific brand and products. If you sell high end, unique furnishings, your insurance has to be able to cover you for any damages to these products.

It’s also important to consider how much online business you do and what increased risks and unique exposures you have because of it. You don’t want to be under-insured for risks that concern your business.

As well, you don’t want to get insurance protection against risks that don’t apply to your specific location. The experienced insurance brokers at ALIGNED would be happy to discuss the best options in your search for insurance for home décor stores.

HGTV lists 25 top Home Décor Stores in Canada from EQ3 to Restoration Hardware to Cottage Industry. In Canada, home décor stores have a unique challenge of operating brick and mortar stores while also providing a significant online presence. The key here is that the store fronts show Canadians that the brand is strong and the products can be tested. Online sales can increase as brand loyalty increases.

As your business evolves and grows, so do the risks and exposures you face. We focus exclusively on finding insurance companies in Canada that precisely align with the specific needs of our clients.